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Posted by NJDave on December 25, 2006 at 05:22:43:
In Reply to: 1099 posted by Amani on December 24, 2006 at 12:32:15:
Adding to what Bill said: Whether the lender issues a 1099 or not is also irrelevant. It is your responsibility to declare 'income' arising from forgiven debt. While the 'income' may well be exempt from tax... your failure to report it (even if it is determined to be non taxable) can result in stiff penalties. It is best to consult both an attorney, and CPA before entering into any agreement to sell your home.
